July 2024 Client Letter

In a recent investor presentation given by Kinder Morgan, the company described its network of natural gas and refined product pipelines and terminals as “irreplaceable infrastructure.” That’s a theme that you’ll find holds true for a number of the companies owned in your account…

Read More

April 2024 Client Letter

The Rolling Stones will tour again this summer. This is not breaking news. It’s been six decades since their first U.S. tour. The Stones always seem to be on the road. What is a little surprising, however, is what Mick Jagger is doing at his age.

Read More

August 2023 Client Letter

In March, I wrote about the arithmetic of portfolio losses. With the more speculative indices, such as the Nasdaq 100, delivering impressive returns so far in 2023, it is worth revisiting this concept.

Read More

June 2023 Client Letter

The S&P 500 and Nasdaq 100 indices have rallied impressively to start the year. After they underperformed blue-chip dividend stocks (FTSE High Dividend Yield Index) last year by the most in at least two decades, both indices are outperforming by a similar amount YTD.

Read More

May 2023 Client Letter

Several years ago, when my family was considering taking our first cruise, many of you encouraged me to set sail, promising I would not be disappointed. We started research on various cruise lines and destinations and were ready to make our deposit. Then COVID hit, closing the cruise industry for most of 2020 and half of 2021 and leading to disappointment for a lot of us.

Read More